Effective Date: November 13, 2024
This User Agreement is a financial service and an end-user license agreement between you (“user”, “you” or “your”), Oromia Bank S.C., a commercial bank incorporated in the Federal Democratic Republic of Ethiopia and licensed by the National Bank of Ethiopia (“the Bank”), and Quantum Technology PLC (Quantum) which provides the Milkii application (“Milkii App” or “App”) in connection with your Credit Advance. The maximum credit limit of this advance will vary by the individual borrower’s credit score and repayment history, among other factors. Charges associated with the Credit Advance include the Service Fee as well as any interest, transaction fees or penalties that may be charged by the Bank from time to time.
The borrower is required to pay back the Credit Advance plus a Transaction Fee according to the repayment schedule specified at the time of the Credit Advance offer. The repayment schedule and due date displayed in the App at time of loan approval is based on the date of such approval; should there be any delay in Disbursement by the relevant Mobile Money Transfer Provider or any other third parties with whom Oromia Bank partners, the repayment schedule and due date will be adjusted accordingly and will be displayed on the App post-Disbursement.
The terms of each Credit Advance, including the amount of the advance, repayment schedule and Service Fee will be displayed with the Credit Advance offer in the Milkii App. PLEASE NOTE THAT CHARGES FROM MOBILE MONEY TRANSFER PROVIDERS, MOBILE NETWORK OPERATORS AND/OR OTHER MONEY TRANSFER FEES ARE NOT INCLUDED IN THE AMOUNT CHARGED BY Oromia Bank.
This User Agreement (together with the Credit Advance offer pages) sets out the complete Terms and Conditions. The Terms and Conditions and any amendments or variations thereto take effect on their date of publication; it is your responsibility to track any amendments or variations. By accepting the Credit Advance, you acknowledge that you have read, agreed with, and accepted all the Terms and Conditions, including the following statement:
“I agree that my Personal Information disclosed in the Oromia Bank App, necessary for determining the credit score for availing a personal loan, shall be used by Oromia Bank in accordance with the Financial Consumer Protection Directive No. FCP/01/2020.
I hereby acknowledge and authorize: (1) the regular submission and disclosure of my basic credit data (as defined under the Directives for the Establishment and Operation of a Credit Reference Bureau, Directive No. CRB/02/2019) to the Credit Bureau of the National Bank (the “CRB”) as well as any updates or corrections thereof; and (2) the sharing of my basic credit data with other financial institutions authorized by the CRB, and credit reporting agencies duly accredited by the National Bank of Ethiopia.” (3) Quantum to take legal action for default on repayment of the credit.
Terms used in this agreement shall have the following meanings:
In addition to the above definitions, unless the context requires otherwise, the singular shall include the plural and vice versa; a reference to any one gender, whether masculine, feminine or neuter, includes the other two; all the headings, subheadings and bullet points in this Agreement are for convenience only and are not to be taken into account for the purposes of interpreting it; the recitals and schedules shall be deemed to form part of this Agreement.
You must carefully read and understand this Agreement (together with the rest of the Terms and Conditions) as amended from time to time. You will be deemed to sign this Agreement and agree to the Terms and Conditions upon clicking the “Accept” option on the Milkii App asking you to confirm that you have read, understood, and agreed to abide by this Agreement. If you do not agree with this Agreement and the Terms and Conditions, please do not click the “Accept” option. Please note that you will not be able to access the Services and get license to the Oromia Bank App if you do not click “Accept”.
By downloading the Oromia Bank App and registering for an Account, you agree to comply with and be bound by the Terms and Conditions governing providing the Services and you affirm that the Terms and Conditions herein are without prejudice to any other right that Oromia Bank may have with respect to the Services and/ or Account in law or otherwise.
The Terms and Conditions may be amended or varied from time to time and the continued use of the Services constitutes your agreement to be bound by the terms of any such amendment or variation. Oromia Bank will take all reasonable measures to notify you of any such changes.
By using the App or any of the Services, you consent to us collecting and using technical information about the Equipment and related software, hardware and peripherals for Services that are internet-based or wireless to improve Oromia Bank’s products and to provide any Services to you. If you use these Services, you consent to Oromia Bank’s and Oromia Bank’s affiliates’ and licensees’ transmission, collection, retention, maintenance, processing and use of your Personal Information and/or Relevant Data in connection with Oromia Bank’s credit scoring services and/or to improve Oromia Bank’s Services and/or your experience while using the Milkii App.
You acknowledge and accept that the Bank offers the Services only electronically and you agree to do business with the Bank and to operate the Services only by electronic means via the Milkii App. Any query and complaint you may have relating to the Services shall be addressed to the Bank through the Customer Care Centre. For the avoidance of doubt, you acknowledge and accept that you will not be allowed or entitled to receive or demand the Services pertaining to the Milkii App at any branch or branches of the Bank unless otherwise advised by the Bank in its sole discretion. You further acknowledge and accept that the Customer Care Centre is not a branch of the Bank or the Bank’s Agent for purposes of conducting banking business or transactions and that it will not act as such.
In consideration of you agreeing to abide by the terms of this Agreement, Oromia Bank grants you a non-transferable, non-exclusive license to use the Milkii App on your Equipment, subject to this Agreement. Oromia Bank reserves all other rights therein.
Except as expressly set out in this Agreement or as permitted by any local law, you agree:
License Restrictions:
You acknowledge that all intellectual property rights in the Milkii App and the Technology anywhere in the world (and any amendments, upgrades or enhancements thereto from time to time) and all associated documentation that the Bank provides to you through the System or otherwise belong to Oromia Bank or in other persons from whom the Bank has a right to use and to sub-license the System and/or the said documentation.
You further acknowledge that rights in the Milkii App are licensed (not sold) to you, and that you have no rights in, or to, the App or the Technology other than the right to use each of them in accordance with the terms of this Agreement. You acknowledge that you have no right to have access to the App in source-code form.
You shall not infringe any such intellectual property rights. You shall not duplicate, reproduce or in any way tamper with the System and associated documentation without the prior written consent of the Bank.
The Services offered by Oromia Bank can only be utilized by persons over the age of 18. Oromia Bank reserves the right to verify the authenticity and status of your Bank account or Mobile Money Account with the relevant Mobile Money Provider (if applicable).
You hereby further acknowledge and authorize Oromia Bank to verify your Personal Information received from the App against the information received from any government repositories.
Oromia Bank’s acceptance of your application for a Credit Advance will be displayed on the Milkii App. Oromia Bank reserves the right to decline your application for a Credit Advance or to revoke the same at any stage at Oromia Bank’s sole and absolute discretion and without assigning any reason or giving any notice thereto.
Oromia Bank reserves the right (in Oromia Bank’s sole and absolute discretion) to issue, decline to issue a Credit Advance and/or vary the terms of any Credit Advance depending on Oromia Bank’s assessment of the credit profile of each individual borrower from time to time. The terms of the Credit Advance and the Service Fee payable in relation to each Credit Advance application will be displayed on the App.
As a holder of an Account, you may, subject to these Terms and Conditions, apply for a credit advance from Oromia Bank using the Milkii App on your Equipment.
Where you apply for a loan from Oromia Bank, your application shall be appraised according to the applicable loan appraisal processes of Oromia Bank. The Bank reserves the right at its sole discretion and without assigning any reason to approve or decline your application for a credit advance.
Subject to approval of your application for a loan the Bank shall disburse to you a credit advance of an amount to be determined by the Bank in its sole discretion subject to a minimum amount of Five Hundred Ethiopia Birr (ETB 500/=) and a maximum amount of Twenty Thousand Ethiopian Birr (ETB 20,000/=) or such other minimum or maximum amount as the Bank may from time to time in its sole discretion determine (the “Loan”).
The proceeds of the Loan shall be credited into your Account subject to any deductions on account of applicable Service Charge and/or Transaction Fees.
You shall repay the Loan within thirty (30) calendar days of the date of disbursement of the Loan.
In consideration of the Bank granting you the Loan, you shall pay the Bank a Loan Application fee being 10% of the Loan amount (the “Loan Application Fee”). The Loan Application Fee shall be paid by you in advance in addition to the Loan.
You shall make all payments due from you to the Bank in respect of the Loan and Transaction Fees using the System only unless otherwise agreed by the Bank in its discretion.
In the event that you do not repay the Loan in full within thirty (30) calendar days of the date of disbursement of the Loan, the Bank will automatically deduct the repayment amount from your account and any other accounts you may have with the bank until the amount is fully repaid.
In consideration of the Bank forbearing to demand the immediate payment of the outstanding amount due in respect of your Loan, you shall, in addition to paying the outstanding amount in respect of the Loan any outstanding Loan Processing Fee, pay to the Bank a Late Fee being 7.5% of the outstanding amount in respect of the Loan (the “Late Fee”).
The Bank shall be entitled to terminate this Agreement and close your Account in accordance with the provisions of section 13 without prejudice to any of its rights accruing hereunder if you fail to repay the Loan and/or the Transaction Fees due thereon within sixty (60) calendar days of the disbursement of the Loan.
The Bank shall hold your funds in your Account as collateral and security for any amounts outstanding and due from you to the Bank in respect of your Loan Account. You hereby agree and confirm that the Bank is entitled in its discretion to prevent or restrict you from withdrawing in whole or in part the funds in in your Bank Account for so long as and to the extent of the amount outstanding in respect of your Loan Account without the Bank giving any notice to you and/or without incurring any liability to you whatsoever in that connection.
Oromia Bank reserves the right to vary the terms of the Loan including the fees payable thereon from time to time having regard to the prevailing rules and regulations of the National Bank of Ethiopia and the policies of Oromia Bank.
The Bank shall have a right of lien and set off over funds held by you in your Deposit Account, any other Account held by you in the Bank.
You hereby expressly consent and authorize the Bank to disclose, respond, advise exchange and communicate the details or information pertaining to your Loan Account to Credit Reference Bureaus as required under the National Bank or any other regulatory body.
You hereby agree and authorize Oromia Bank to use and verify your Personal Information and the Relevant Information (i) for the purposes set forth herein and (ii) to the extent Oromia Bank otherwise determines is necessary and/or advisable, in its sole discretion, to comply with applicable law or directives as may be issued from time to time.
Oromia Bank reserves the right to request further information from you pertaining to your application for a Credit Advance at any time. Failure to provide such information within the time required by Oromia Bank may result in declining to accept your application for a Credit Advance. Failure to provide the evidence of your identity may be deemed by Oromia Bank as a possible fraudulent attempt to access the App and/or the Services.
You hereby irrevocably authorize Oromia Bank to act on all Requests received from you (or purportedly from you) through the System and to hold you liable in respect thereof. Oromia Bank may nevertheless refuse to carry out any Requests in Oromia Bank’s sole and absolute discretion.
Subject to Oromia Bank’s discretion, Oromia Bank reserves the right to reject any Request in relation to a Credit Advance application from you and decline to act on or in accordance with the whole or any part of your Request.
Oromia Bank shall be entitled to accept and to act upon any Request, even if that Request is otherwise for any reason incomplete or ambiguous.
Oromia Bank shall be deemed to have acted properly and to have fully performed all the obligations owed to you notwithstanding that the Request may have been initiated, sent or otherwise communicated in error or fraudulently, and you shall be bound by any Requests on which Oromia Bank may act if Oromia Bank has in good faith acted in the belief that such instructions have been sent by you.
You agree to indemnify, and shall release, Oromia Bank and its directors, officers, employees, agents and representatives and those of its affiliates (collectively, the “Oromia Bank Indemnified Parties”), from and against all claims, losses, damages, costs and expenses howsoever arising in consequence of, or in any way related to Oromia Bank having acted (or failed to act) in accordance with the whole or any part of any of your Requests.
You acknowledge that, to the full extent permitted by law, Oromia Bank shall not be liable for any unauthorized drawing, transfer, remittance, disclosure, any activity or any incident on your account by the fact of the knowledge and/or use or manipulation of your credentials or any means whether or not occasioned by your negligence.
In the event of any conflict between any terms of any Request received by Oromia Bank from you and this Agreement, this Agreement shall prevail.
Oromia Bank shall be entitled to charge a one-off Service Fee in relation to your registration and operation of the services. This fee will be charged on your first loan disbursement.
The Transaction Charges shall be displayed in the App. Oromia Bank shall be entitled to set and charge Transaction Fees, in connection with your use of the Services, and from time to time amend or vary Oromia Bank’s Transaction Fees. If Oromia Bank decides to vary or amend Oromia Bank’s Transaction Fees, the Transaction Fees payable on any new application for Services will be displayed on the App. Oromia Bank will use reasonable endeavours to try to notify you of any changes in relation to Transaction Fees within a reasonable period before such changes are implemented including displaying notices of the changes on the Milkii App, via SMS, or Oromia Bank’s websites.
All payments to be made by you under this Agreement shall be made in full, free and clear of and without any deduction or withholding whatsoever. If you are at any time required to make any deduction or withholding from any payment to Oromia Bank you shall immediately pay to Oromia Bank such additional amounts as will result in Oromia Bank receiving the full amount it would have received had no such deduction or withholding been required.
If you fail to make any payments due to Oromia Bank at the due date for payment, Oromia Bank will be authorized to apply the Late Fee on such amount loaned to you at a rate to be communicated to you. The adjustments will be communicated to you and will be displayed in the App.
If there is any extraordinary increase or decrease in the effective purchasing power of the Ethiopian Birr, Oromia Bank shall have the right to make corresponding adjustments in the Transaction Fees. A change of at least 15% in the Consumer Price Index from the date of this agreement as set forth in the figures released by the National Bank of Ethiopia (“NBE”), or other agencies of the Ethiopian Federal Government should the figures of the NBE be unavailable, shall be regarded as an extraordinary increase or decrease in the effective purchasing power of the Ethiopia Birr.
A statement and activity report in respect of your Credit Advance will be made available on the Milkii App. Requests can also be made via a contact link on the App.
All payments to be made by you in connection with this Agreement are calculated without regard to any taxes payable by you. If any taxes are payable in connection with your payment, you must pay Oromia Bank an additional amount equal to the payment multiplied by the appropriate rate of tax. You must do so at the same time as making the payment.
You hereby consent and agree that Oromia Bank may withhold amounts in your Account if any tax authority requires Oromia Bank to do so, or Oromia Bank is otherwise required by law or pursuant to agreements with any tax authority to do so, or if Oromia Bank needs to comply with internal policies or with any applicable order or sanction of a tax authority.
You hereby consent and agree to pay other charges as authorized by law which are enumerated in detail on the Credit Advance offer pages within the App, including but not limited to the excise duty and other expenses necessary for the due execution, delivery, enforcement of this Agreement.
You shall at your own expense provide and maintain in safe and efficient operating order your Equipment necessary for the purpose of accessing the App and the Services.
You shall be responsible for ensuring the proper performance of your Equipment. Oromia Bank shall neither be responsible for any errors or failures caused by any malfunction of your Equipment, nor shall Oromia Bank be responsible for any computer virus or related problems that may be associated with the use of the System, the Services, and the Equipment. You shall be responsible for charges due to any service provider providing you access to the System, the Services and/or the Equipment and Oromia Bank shall not be responsible for losses or delays caused by any such service provider.
You shall follow all instructions, procedures, and terms contained in this Agreement and any document provided by Oromia Bank concerning your use of the System and the Services.
You hereby agree and acknowledge that you shall be solely responsible for the safekeeping and proper use of your Equipment and for keeping your Credentials secret and secure. You shall ensure that your Credentials do not become known or come into possession of any unauthorized person. Oromia Bank shall not be liable for any disclosure of your Credentials to any third party, and you hereby agree to indemnify and hold the Oromia Bank Indemnified Parties harmless from any losses resulting from any disclosure of your Credentials.
You shall take all reasonable precautions to detect any unauthorized use of the System and the Services. To that end, you shall ensure that all communications from Oromia Bank are examined and checked by you or on your behalf as soon as practicable after receipt by you in such a way that any unauthorized use of and access to the System will be detected. You shall immediately inform Oromia Bank if:
You shall always follow the security procedures recommended by Oromia Bank. You acknowledge that any failure on your part to follow the recommended security procedures may result in a breach of your Account’s confidentiality. You shall ensure that the Services are not used, Requests are not issued and/or relevant functions are not performed by anyone other than by you.
You shall not at any time operate or use the Services in any manner that may be prejudicial to Oromia Bank.
At any time after an Event of Default has occurred and is continuing, Oromia Bank and/or Quantum may, without prejudice to any other right or remedy granted to it under any law:
Oromia Bank may at any time, upon notice to you, terminate Oromia Bank’s business relationship with you and close your Account and in particular but without prejudice to the generality of the foregoing Oromia Bank may cancel Credit Advances which Oromia Bank has granted and require the repayment of outstanding debts resulting from such Credit Advances within such time as Oromia Bank may determine. The adjustments will be communicated to you and will be displayed in the App.
Without prejudice to Oromia Bank’s other rights, Oromia Bank may at its sole discretion suspend or close your Account for any reason, including but not limited to if:
Termination shall however not affect any accrued rights and liabilities of either party. If Oromia Bank receives notices of your death, Oromia Bank will not be obliged to allow any operation or withdrawal from your Account by any person.
If your Account has a credit balance at any time as a result of overpayment of your Credit Advance, you may issue a Request to Oromia Bank for payment of such credit balance and Oromia Bank will return any such balance to you, less any applicable fees.
You shall not assign or transfer any of your obligations under this Agreement, in whole or in part, without Oromia Bank’s prior written consent. You acknowledge and agree that Oromia Bank may at any time assign the Credit Advance to any third party without your consent but with reasonable notice to you in writing, by e-mail or by SMS to the mobile phone number or email address you provided to Oromia Bank in your request for the App, or by notification within or from the Oromia Bank App.
You likewise acknowledge and agree that Oromia Bank may at any time pledge or cause the creation and perfection of a security interest over the Credit Advance in favour of and for the benefit of third parties without prior notice to you and without your consent.
Oromia Bank and Quantum shall not be responsible for any loss suffered by you should the Services be interfered with or be unavailable by reason of the failure of any of your Equipment, or any other circumstances whatsoever not within Oromia Bank’s control including, without limitation, Force Majeure or error, interruption, delay or non-availability of the System, terrorist or any enemy action equipment failure, loss of power, adverse weather or atmospheric conditions, and failure of any public or private telecommunications system.
You acknowledge that the App has not been developed to meet your individual requirements and that it is, therefore, your responsibility to ensure that the facilities and functions of the App, as described meet your requirements.
Quantum only supplies the App for domestic and private use. You agree not to use the App for any commercial, business or resale purposes, and Oromia Bank has no liability to you for any loss of profit, loss of business, business interruption, or loss of business opportunity.
Oromia Bank and Quantum will not be liable for any losses or damage suffered by you because of or in connection with:
Oromia Bank and Quantum shall not be liable to you for any interference with or unavailability of the Services, however caused. Under no circumstances shall Oromia Bank be liable to you for any loss of profit or anticipated savings or for any indirect or consequential loss or damage of whatever kind, however caused, arising out of or in connection with the Services even where Oromia Bank knew the possibility of such loss or damage.
All warranties and obligations implied by law are hereby excluded to the fullest extent permitted by law.
You undertake to indemnify the Oromia Bank Indemnified Parties and hold such parties harmless against any loss, charge, damage, expense, fee or claim which the Oromia Bank Indemnified Parties suffer and you absolve the Oromia Bank Indemnified Parties from all liability for loss or damage which you may sustain from Oromia Bank acting on your instructions or requests or in accordance with this Agreement. Such indemnity shall also cover the following:
If you wish to contact Oromia Bank in writing, or if any condition in this Agreement requires you to give Oromia Bank notice, you can send this to Oromia Bank by e-mail to info@oromiabank.com or to such e-mail address that may be communicated to you from time to time. Oromia Bank will confirm receipt of this by contacting you by e-mail. If Oromia Bank must contact you or give you notice in writing, Oromia Bank will do so by e-mail or by SMS to the mobile phone number or email address you provided to Oromia Bank in your request for the App, or by notification within or from the Oromia Bank App.
No failure by Oromia Bank to exercise, and no delay in exercising, any right or remedy in respect of any provision of this Agreement shall operate as a waiver of such right or remedy. If any provision or part of a provision of this Agreement shall be or be found by any court of competent jurisdiction to be invalid or unenforceable, such invalidity or unenforceability shall not affect the other provisions or parts of such provisions of this Agreement, all of which shall remain in full force and effect. The Terms and Conditions (for the avoidance of doubt, including, but not limited to, this Agreement) constitute the entire agreement between you and Oromia Bank and supersede and extinguish all previous agreements, promises, assurances, warranties, representations and understandings, whether written or oral, relating to its subject matter. You acknowledge that in entering into this Agreement you do not rely on any statement, representation, assurance or warranty (whether made innocently or negligently) that is not set out in this Agreement or the Credit Advance pages. You agree that neither you nor Oromia Bank shall have any claim for innocent or negligent misrepresentation or negligent misstatement based on any statement in this Agreement.
The parties shall use their best efforts to settle amicably any dispute arising from or in connection with this Agreement or the interpretation thereof.
Any controversy or claim, whether based on contract, tort or other legal theory (including, but not limited to, any claim of fraud or misrepresentation), arising out of or relating to this Agreement, including its interpretation, performance, breach or termination not resolved by good faith negotiations, shall be resolved exclusively by Federal Courts of Ethiopia and laws of Federal Democratic Republic of Ethiopia shall apply.
The terms of this Agreement shall be construed and enforced under the laws of the Federal Democratic Republic of Ethiopia.
Oromia Bank S.C. is conducting a pilot test for Milkii Digital Financing. As a result of this, HO and a few branch staff are selected for pilot test purposes. Our staff can buy holiday consumable items from Shoa Shopping Centre using the Milkii Digital Financing App. Hence, staff are required to read and give his/her consent as stated below.
I have acknowledged that I am capable of repaying this loan and committed to making the payment by its maturity date.